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Published 11:41 2 Feb 2016 GMT
Updated 12:45 2 Feb 2016 GMT
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Deila won a league and league cup double in his first season in charge but has come under increased pressure after struggling to widen the gap at the top of the Scottish Premiership and being sent crashing out of this season's league cup to lowly Ross County at the weekend.
The Belfast Telegraph are confident that Deila will remain in place until the end of the season as Celtic are still in pole position to claim the league for the fifth consecutive year and there is no need to rock the boat by sacking a manager.
But the likelihood of seeing the Norwegian in the dugout next season is not high and O'Neill is being considered as his successor.
A source close to the club told the newspaper: "Michael is highly regarded in Scotland and would be in the frame if the job became available."
Former players Roy Keane and David Moyes are also in the running for the job but it's understood that the Celtic board have been charmed by O'Neill's stellar job with Northern Ireland.
O'Neill secured Northern Ireland their first qualification for a European championship and carried them up to 30th in the Fifa world rankings, their highest ever position.
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